These Five Areas are Experiencing
a Growing Real Estate Market
If you are working in the current real estate market, you are well aware of the obstacles facing real estate agents and homebuyers alike - an ever-increasing demand mixed with low supply. As the U.S. real estate market continues to escalate, cities are encountering growth they haven’t experienced in years, sometimes decades. And with growth, comes increased prices. CBS News reports that “real median home prices surged 29 percent between 2000 and 2016 and remain on a tear.”
Locals are becoming accustomed to increased traffic and a skyline of construction cranes in cities across the United States as more and more people move to developing metropolises. As these cities expand, your job as an agent must be to keep up with the trends and assist buyers and sellers in the now in-demand market. You will experience a lot of new opportunities to cultivate your real estate career in these booming economies, but you may also experience fierce competition. To help you stay ahead of the game, we’ve compiled the top areas where the real estate markets are booming in 2018.
Austin and Dallas are almost always mentioned for their continued growth and economic power. According to Forbes, Austin, in particular, has a relatively "low cost of living, educated workforce and enviable quality of life,” which is resulting in an influx of residents. It’s not looking like stopping any time soon either, as more companies relocate to Texas to take advantage of lower tax rates. Dallas is seeing a real estate market growth forecast of 4.7%, while Austin is at 3.3%.
It seems the real estate market in Seattle is still going strong. This tech city is continuing to experience expanding city projects and new transit extensions that are easing the affordability and infrastructure challenges previously felt by the 100,000 new residents within the last decade. There’s no stopping the growth of this developing city - Seattle is predicted to grow another 5.4% year-over-year. Locals are already experiencing a high median home value of $463,800.
Nashville may be known for its music but the city’s low cost of living, low cost of business, and accessibility to larger cities on the East Coast make this area highly desirable. The real estate market is expected to grow 3.8% this year as the city continues to develop. According to a Nashville REALTOR®, “single-family homes in the city’s premier suburbs often fetch multiple offers above asking price overnight.” This city is also capitalizing on its tourism, creating more growth in commercial real estate as well.
The Mile High City has been experiencing immense growth within the past decade that is only expanding. New developments, transportation systems, and tech-driven companies are prompting more people to move to the state of Colorado. USA Today reports that Denver has seen some of the “steepest price increases in housing of any other state in the U.S. over the past two years.” It’s no wonder that the median home value sits at around $376,500.
North Carolina is seeing a large increase in people relocating to their cities from other states. Raleigh, in particular, is undergoing large city projects to help boost its already booming economy. This city also features affordable housing, which is attracting budding entrepreneurs and merchants. The real estate market growth forecast for Raleigh is at 3.7%, while the median home value is a low $233,900. This city will only see more growth in the future.
An ever-evolving real estate landscape brings new challenges to real estate agents across the nation. Houses no longer stay on the market for the same amount of time that they used to, in fact, the median number of days a house is on the market is now at a mere 29. This creates a highly competitive atmosphere for agents who must perform a quick turnaround and keep at that pace. And with National Association of REALTORS® membership at the highest level in a decade, you may have to fight for your spot in these flourishing markets. However, working in a developing city like Denver or Seattle will allow you to hone your real estate skills as you work through challenges in a fast-paced environment.